The Bottom Line

Has “Fintegration” Gone Too Far?

Posted by Ginger Schmeltzer on Apr 17, 2018 9:00:00 AM

fintegration

The reinvention of financial services has been underway for decades. Some may argue it’s been overhyped, but clearly most Americans bank in different ways than they did 20 years ago. This may be a case study of the Bill Gates adage, that humans overestimate the potential for near-term change but underestimate it in the long run.

Read More

Topics: bank vendor management

25 Years Ago Our Business Began with a Pivot, We’ve Never Looked Back

Posted by Brad Downs on Dec 20, 2017 9:00:00 AM

SRM 25 year anniversary.png

In August, SRM marked its 25th year of providing organizations with the experience and information required to optimize their contractual relationships with vendors. Although we’re far more focused on serving our clients in the present and expanding the reach of our expertise in the future than we are on our past accomplishments, it’s gratifying to be reminded of the positive impacts we have delivered to our customers over the time we have been in operation.

Read More

Topics: Vendor contract negotiation, bank vendor management

What You Don’t Know About Regulatory Changes Can Help You

Posted by Myron Schwarcz on Dec 14, 2017 10:00:00 AM

regulation changes-045462-edited.jpg

While much of the attention paid to regulatory requirements for financial institutions (FIs) tends to focus on Dodd-Frank and mandates issued by the Consumer Financial Protection Bureau, a notable change of late has been the heightened requirement for vendor management oversight and third-party risk assessments. Although the Bank Service Company Act is hardly new, it has recently become the basis for these types of mandates. Powered by different agencies, the message is essentially the same: When it comes to vendors, the buck stops with the FI. In fact, the FDIC requires that it be notified within 30 days of any new service provider relationship being struck.

Read More

Topics: credit union vendor management, bank vendor management

The Core System Conundrum

Posted by Michael Carter on Nov 8, 2017 9:00:00 AM

Core system conundrum.jpg

Replacing a bank or credit union’s core system is not a decision to be taken lightly. A conversion to a new software provider can easily take more than a year in a best case.  These projects have often been compared to a heart transplant – very expensive, high risk and resource intensive. They also usually consume IT bandwidth that is needed to respond to a litany of business priorities such as the front office channels, products and services consumers depend on daily.

Read More

Topics: bank vendor management

How Vendor Contract Management Can Help You This Budget Season

Posted by Ben Mrva on Aug 30, 2017 12:30:00 PM

Budget season-672925-edited.jpg

For anyone working at a company with a calendar-based fiscal year, the August dog days of summer also mean the advent of the annual planning cycle. Odds are that department heads are being asked to “do more with less,” or at least to increase output at a faster rate than costs. As anyone with budget responsibility is well aware, it’s no easy task to fund reasonable pay increases for valued employees let alone accommodate growth in other expense areas.

Read More

Topics: Vendor Contract Management, credit union vendor management, bank vendor management